Dick's Sporting Goods to shutter some Foot Locker stores to protect profits

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Dick’s Sporting Goods

is planning to close a slew of Foot Locker stores now that its acquisition of the sneaker company is complete, the company said Tuesday when announcing fiscal third-quarter earnings.

It’s unclear how many stores Dick’s plans to shutter, but the closures are part of a larger restructuring it’s implementing so Foot Locker isn’t a drag on its profits come fiscal 2026, Dick’s executive chairman Ed Stack told CNBC’s Courtney Reagan.

“We need to clean out the garage,” said Stack. “We’ve taken pretty aggressive markdowns to clean out old merchandise. We’re impairing some store assets. We’ll close some stores… everything we’re doing is there to protect 2026 and just kind of do this one time.”